Legal obstacles for contingent valuation methods in environmental litigation
Brian D. Israel,
Kelly Smith Fayne and
Chapter 11 in Contingent Valuation of Environmental Goods, 2017, pp 292-306 from Edward Elgar Publishing
Despite myriad methodological shortcomings, some economists continue to advocate for the use of contingent valuation (CV) and other survey methods to estimate non-use values of natural resources. Federal regulatory agencies also continue to explore these methodologies, although both the OPA and CERCLA regulations strongly disfavor their application, and no court has actually relied upon a CV or a similar study to determine the value of natural resource damages.Â Indeed, several courts have refused to admit CV studies into evidence, ruling that the studies were not an accurate or reliable measure of actual loss. The better and more reliable approach for valuing natural resource loss, from both a legal and policy perspective, is based on the cost of projects needed to repair, replace, or return injured natural resources to baseline conditions where practicable, and compensate for the temporary or interim loss of resources until restoration is complete.
Keywords: Economics and Finance; Environment (search for similar items in EconPapers)
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